ft
Bidder and Surety, jointly and severally, bind
themselves, their heirs, executors,
administrators, successors, and assigns to pay
to OWNER upon default of Bidder the penal
sum set forth on the face of this Bond.
Default of Bidder shall occur upon the failure of
Bidder to deliver within the time required by the
Bidding Documents (or any extension thereof
agreed to in writing by OWNER) the executed
Agreement required by the Bidding Documents
and any performance and payment bonds
required by the Bidding Documents and
Contract Documents.
This obligation shall be null and void if:
3.1. OWNER accepts Bidder’s bid and Bidder
delivers within the time required by the
Bidding Documents (or any extension
thereof agreed to in writing by OWNER)
the executed Agreement required by the
Bidding Documents and any performance
and payment bonds required by the
Bidding Documents and Contract
Documents, or
3.2 All bids are rejected by OWNER, or
3.3 OWNER fails to issue a notice of award to
Bidder within the time specified in the
Bidding Documents (or any extension
thereof agreed to in writing by Bidder and,
if applicable, consented to by Surety when
required by paragraph 5 hereof).
Payment under this bond will be due and
payable upon default by Bidder and Within 30
calendar days after receipt by Bidder and
Surety of written notice of default from
OWNER, which notice will be given with
reasonable promptness, identifying this Bond
and the Project and including a statement of
the amount due.
Surety waives notice of and any and all
defenses based on or arising out of any time
extension to issue notice of award agreed to in
writing by OWNER and Bidder, provided that
the time for issuing Notice of Award including
extensions shall not in the aggregate exceed
120 days from Bid Due Date without Surety’s
written consent.
No suit or action shall be commenced under
this Bond prior to 30 calendar days after the
BB - 2 of 2
10.
11,
notice of default required in paragraph 4 above
is received by Bidder and Surety, and in no
case later than one year after Bid due date.
Any suit or action under this Bond shall be
commenced only in a court of competent
jurisdiction located in the state in which the
Project is located.
Notice required hereunder shall be in writing
and sent to Bidder and Surety at their
respective addresses shown on the face of this
Bond. Such notices may be sent by personal
delivery, commercial courier or by United
States Registered or Certified Mail, return
receipt requested, postage pre-paid, and shall
be deemed to be effective upon receipt by the
party concerned.
Surety shall cause to be attached to this Bond
a current and effective Power of Attorney
evidencing the authority of the officer, agent or
representative who executed this Bond on
behalf of Surety to execute, seal and deliver
such Bond and bind the Surety thereby.
This Bond is intended to conform to all
applicable statutory requirements. Any
applicable requirement of any applicable
statute that has been omitted from this Bond
shall be deemed to be included herein as if set
forth at length. If any provision of the Bond
conflicts with any applicable provision of any
applicable statute, then the provision of said
statute shall govern and the remainder of this
Bond that is not in conflict therewith shall
continue in full force and effect.
The term “Bid” as used herein includes a Bid,
offer or proposal as applicable.
